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Things worth reading: 26th October 2009

Things we're reading today include …

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Today's must read:

Wall Street's Naked Swindle by Matt Taibbi in the Rolling Stone (he of the Goldman Vampire Squid fame)

“The nation's largest financial players are able to write the rules for own their businesses and brazenly steal billions under the noses of regulators, and nothing is done about it. A thing so fundamental to civilized society as the integrity of a stock, or a mortgage note, or even a U.S. Treasury bond, can no longer be protected, not even in a crisis, and a crime as vulgar and conspicuous as counterfeiting can take place on a systematic level for years without being stopped, even after it begins to affect the modern-day equivalents of the Rockefellers and the Carnegies. What 10 years ago was a cheap stock-fraud scheme for second-rate grifters in Brooklyn has become a major profit center for Wall Street. Our burglar class now rules the national economy. And no one is trying to stop them.”

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Bonuses (again)

Banks told if they won't cut bonuses, then ministers will (Independent)
Shareholders attack banks in bonus row (Telegraph) 
Stop the fat-cat bonuses! George Soros turns on the bankers (Independent)
Banker bonuses minute, says Duke (BBC)

Discreet City buyers ready to pour big bonuses into housing market (Times)

People

Online and Mobile Banking Provide Opportunity to Rebuild Trust Between Banks and Consumers, Says MasterCard CFO (My Bank Tracker)
Blair in the City (Financial Times)

Walker set to clamp down on bankers' pay (Independent)

Companies

Is this reform?! Bailed-out Citigroup has the most lobbyists working on financial reform (NY Daily News)
UBS came off worst in crisis (Financial Times)
Wells Fargo denies charges of fraud (Arizona Central)
TD banking on branches (The Star)

Markets

Big banks' results should help to lift the gloom (The Australian)

Fed chief warns banks on capital (Financial Times)

Bernanke: Smaller Banks Not Necessarily the Answer for ‘Too Big to Fail’ Dilemma (Wall Street Journal)

Banks should take the BP route to repute (Telegraph)

Bankers and morality: churches turn on the modern moneylenders (Guardian)

Regions

US bank failures top 100 for year (BBC)
Asian leaders eye EU-style bloc (BBC) 

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Quote of the Day

“The financial sector that is emerging from the crisis is even more riddled with moral hazard than the one that went into it.”
Martin Wolf,
FT columnist

  

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About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here…

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